Loss induced generalized measurements have been introduced years ago as a mean to implement generalized quantum measurements (POVM). Here the original idea is extended to a complete equivalence of lossy evolution and a certain widely used class of POVM. This class includes POVM used for unambiguous state discrimination and entanglement concentration. One implication of this equivalence is that unambiguous state discrimination schemes based on PT-symmetric and non-Hermitian Hamiltonians have the same performance as those of standard POVM. After discussing several key points of this equivalence we illustrate our findings in two elementary physical realizations. Finally, we discuss several implications of this equivalence.